New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 1 FRS 100

1 Introduction

2 Summary of FRS 100

3 Definitions

4 FRS 100 – Application of financial reporting requirements

   4.1 Scope of FRS 100

   4.2 Effective date

   4.3 Withdrawal of previous UK and Irish GAAP

   4.4 Basis of preparation

       4.4.1 Company law and regulatory requirements governing financial reporting framework

       4.4.2 New Accounting Directive

       4.4.3 EU-adopted IFRS

       4.4.4 FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland

       4.4.5 FRS 101 – Reduced Disclosure Framework

       4.4.6 The Financial Reporting Statement for Smaller Entities (‘FRSSE’)

1. 4.4.6.A Statement of compliance with the FRSSE

       4.4.7 Considerations on choice of financial reporting framework

   4.5 Reduced disclosure framework

   4.6 Statement of compliance

       4.6.1 Related Companies Act 2006 requirements

   4.7 SORPs

       4.7.1 Status of SORPs

5 transition

   5.1 Transition to EU-adopted IFRS

   5.2 Transition to FRS 101

   5.3 Transition to FRS 102

   5.4 Impact of transition on distributable profits

6 Companies Act 2006

   6.1 Basis of preparation of financial statements

       6.1.1 Choice of IAS accounts and Companies Act accounts under the Companies Act 2006

       6.1.2 Companies Act 2006 restrictions on changes of financial reporting framework

       6.1.3 Consistency of financial reporting framework in individual accounts of group undertakings

   6.2 Companies Act requirements for the annual report and ...